PepsiCo's North America snacks head departs

LisaBeilfuss

The head of PepsiCo Inc.'s Frito-Lay North America business is leaving the company, Pepsi said Wednesday.

Tom Greco, Chief Executive of FLNA is leaving to become CEO of an unnamed company that Pepsi said is outside the industry. Mr. Greco joined the snack and beverage giant in 1986 and took the helm of the FLNA unit in 2011. Last year, the business brought in $14.78 billion in revenue, up 1.9% from a year earlier and representing nearly a quarter of Pepsi's top line.

Mr. Greco couldn't be immediately reached for comment.

Chief Executive Indra Nooyi praised Mr. Greco's time at Pepsi and said he "leaves FLNA in great shape."

In the fourth quarter, sales at the snacks unit rose 2% to $4.46 billion and operating profit increased 5% to $1.23 billion. Volume growth at the maker of Lay's, Doritos and Cheetos chips slowed to 1%, half as much as in the year-earlier quarter. Like many others that do a significant chunk of business abroad, Pepsi has struggled with a strong U.S. dollar that makes its snacks and drinks more expensive in foreign currencies.

Shares in the company, up 6.4% over the past 12 months through Wednesday's close, were inactive after hours.

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